 Thank you, and I ask all of you to please try to stick to a 10 minute so we can catch up a little bit of time and still have time for discussion. Okay, so hello, my name is Fabien MacArthur. I'm the founder of OpenIRP. It's a company I started when I finished my study here in Luwana Nerve in Belgium. And it's a complete open source enterprise management software. So we do accounting, stock management, approaches, manufacturing, lots of boring stuff that companies need to have to run. Just to start, here is what we achieved in five years. So five years ago I was a student. I had no money in my pocket. I started with nothing, with a lot of patience and motivation. And five years later, now, we have partners in 60 countries. I have 185 employees, three companies. We are self-profitable. We didn't lose so much money, only a very few. And we have big customers and blah, blah, blah. And the thing is that I'm convinced that that was possible due to the open source and the business model we chose with OpenIRP. So it was really a key for the success of our company is the way we succeeded to reuse the open source community, build things that we were not able to build by ourselves and that kind of things. So my story of today will be to explain to you how we did from nothing to that level in five years without money, but with a lot of motivations and work. And only a few nights. So I will explain your business model. Traditionally when you want to build the software, the growth of the software is directly depending on your R&D budget. The more you invest in research and development, the best your product will be. That's the common sense in most of the industries. But with OpenIRP and with free software, the growth of the product cannot anymore be related to the research and development but can be related to the number of people participating in the product. For OpenIRP, we are an accounting system and we do accounting in 35 countries, which is a lot for an accounting system. Only Sage succeeds to do what we do. And to do that, it's very complex. You have to recruit accountants, you need years of experience working with customers and that kind of things. So what we did, we made a free software that does a generic accounting system. Then we gave it to the world. Everyone was using it and then someone in Poland decided to use it but the accounting of Poland was not in the software. So they just had to do this customization to use it for themselves and then it gives back everything in the product. So the great thing with OpenSource is that it allowed us to grow depending on the number of customer or user using the software and not depending on the budget we had in R&D. So it was very good when you are a student and you have no budget. It allowed to create something because people use and contribute to what you do. So that was one of the reasons of the fast growth of OpenIRP is that we had very small investment in research and development. Today we have a lot of investment in research and development. But at the beginning it was very slow but very big growth of the product. So OpenIRP does, at least for the midsize company, all the things that ACP are doing which is a lot. They required 30 years to build this. It also works for the marketing and the sales. One of the biggest cost of a software publisher today is the sales and marketing department. If you check at NetSuite, maybe you don't know NetSuite because he's a leader in the US, in the ERP market in US and not very well in Europe. But NetSuite is our main competitor in US for what we call a cloud ERP. The budget in sales and marketing of NetSuite in the US is 80 millions per year, which is a lot. And the budget of OpenIRP for sales and marketing last year was 200 key euros, which is very small for a publisher. And as you can see on the left, I compared NetSuite with OpenIRP on Google Trends and you see that no OpenIRP is more famous than NetSuite. Why? This is really due to the open source nature of OpenIRP. As people can download the software they download, they use, they talk to their friends and it grows like this. Another example is that today most of the universities of Belgium and a lot in France are giving trainings on OpenIRP, which is great because it gives visibility. For ACP, which is our main competitor on the market, most of the universities do not do training on ACP because they don't have the budget to buy licenses, because they don't have the time to train their trainers because the students cannot download and use that home and all that kind of things. So we succeeded to have a very big visibility and a strong brand without very huge investment in marketing to create a brand. So that was a very good effect of the open source nature of OpenIRP. Just being in the Linux distribution, being in Ubuntu, Red Hat and that kind of things, it gives you visibility in every bookstore when you buy a magazine with a free software on it and you have a CD like in the old days. In the CD you will have OpenIRP because it's free, so they take a lot of software and put it in there. So you get a distribution of millions of samples of the software for free, which is very good. And it's especially good because when you are a publisher, most of the publishers have a cost of sales and marketing. In the SAS one, sales and marketing, sales force, sales and marketing are 60% of their budget, of their charges. So if you succeed to crunch that cost, then it's a very good competition. I lost my word. But the most important here is how do we get money? So I explain to you how we do not spare too much money, but how do we get money? The first thing I will try to show you is how the others are getting money on this market. I'm just talking about the ERP market. So on the left you have the profit and loss of ACP, which is a classic proprietary business model. We can say it's a mature company, which is on the market since several years. And the revenue are in red. Sorry about that, I should have chosen green. And you see the revenue structure, they do 30% in services because they sell consulting and that kind of thing. 45% of their revenue is the support and the maintenance. And 25% of their revenue is the license. So when you buy a software, you pay the license, which is the one shot to get the software. And after the maintenance is the yearly revenue for the help desk, the support, the migration. So that's a service. So if we want to compare OpenERP or any open source product to a classic ACP model, the difference is the license. So we choose to give a license for free. We use the AGPL license in OpenERP in all our modules. So we just lose 25% of the revenue per customer. But in the other hand, we divide the cost of the sales and marketing by 400. We divide the cost of the R&D. I have 120 developers working for me. But I think the community is more than 1,500 full-time developers working on the product. So we have a factor of 10 between what you spend and what you get in the result of this. And what's important in the market today is not to make the biggest turnover. What's important is the margins you can get in a company. And as we decrease the cost a lot, but we reduce the revenue by 25%, we succeed to have very good margins. Since I started, I rarely do less than 60% growth a year. And my average is 100% growth a year in the company. So every year I have twice more employees, twice more, everything. So it proves that it can work. And it's great because everything we do in research and development is building more free software. We produce modules, we give this to the world, the world gives us back what they change on this. So that's very great because as it works and it generates revenue, we can sustain the business and the growth of the product at the same time. So this is a model I trust. I like it. Maybe it will not work for every market. It works very efficiently for the ERP market because the ERP market is a market of service today. I don't think we can apply this kind of business model for office, which is a commodity right now. So yeah, and that's what we sell. That's the organization of OpenERP. So on the top you have OpenERP essay. One thing which is very important also is that we succeeded to have a classic publisher, editor, partner and customer relationship. So we have the classic, we are a publisher, our role is to develop a product. Then we have the partners, their role is to deliver services to the customer and then there is the customer, their role is to be happy. So we have the classic structure of a traditional publisher, resellers and then customers. So it's great because we can focus on the R&D, building product, creating brand, marketing, that kind of things. The partners can focus on doing services, implementation, importation of the data, first level of training, support and that kind of thing. So it's very productive in terms of creation of value because more than 50% of my company develops things that have a great value. Actually it's something around 75% of the people working for me developed. So they create value and the rest is for marketing administrative. So here is the structure you have OpenERP essay. We work with partners, partners are free software companies or proprietary resellers that change their mind and now are moving to the free software. We have 400 partners all around the world and then we resell the maintenance, which is the 45% of the revenue of ECP, a bit of consulting, which is a yearly recurring revenue so that the customer can cry, call us if they have a problem, if they want to migrate, if they have a bug to fix and that kind of things. But the license of course is free so we run OpenERP with a thousand of installations per day. Yeah, that's the marketing slide. The marketing department forced me to put one slide about this. It works. So you have lots of great customers that are using OpenERP. OpenERP is beautiful and the brand is growing very quickly. Thank you for your attention.